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Strategy Inc. (NASDAQ: $MSTR) has introduced a new set of Bitcoin valuation metrics designed to show common shareholders what remains after debt and preferred-stock claims are accounted for.

The centrepiece is "net Bitcoin per share," a measure that subtracts senior claims from Strategy's Bitcoin reserve before dividing the balance across fully diluted shares. The company said the update reflects its growing use of preferred equity and a funding model that has moved beyond convertible debt alone.

Strategy holds 843,775 Bitcoin worth roughly $57 billion, alongside about $3.2 billion in cash. After deducting approximately $22.2 billion in senior claims, including $15.5 billion of preferred stock and about $6.8 billion of out-of-the-money convertible debt, the company calculates a net reserve near $35 billion.

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On that basis, net Bitcoin per share stands at about $95, or 143,000 satoshis. Strategy said the figure has climbed from $13, or 44,000 satoshis, at the end of 2020, representing a 43% compound annual growth rate compared with Bitcoin's 16%.

The company also revised its modified net asset value calculation. The new mNAV divides MSTR's share price by net Bitcoin per share rather than gross Bitcoin exposure, placing the stock near 1.02 times under the updated formula. Strategy also recast "amplification" as an equity multiplier of roughly 1.5 times.

Head of investor relations Chaitanya Jain said the metrics needed to "evolve" as Strategy shifted from convertible debt toward what it calls digital credit. Executive Chairman Michael Saylor added that "Bitcoin Capital Markets require a new financial language."

The revised framework gives investors a clearer view of the obligations sitting ahead of common equity as Strategy continues funding its Bitcoin reserve through a growing mix of securities. It also raises the bar for judging whether future capital raises add Bitcoin exposure without weakening the per-share position underneath MSTR.

Strategy Inc. (NASDAQ: MSTR) is currently trading at $93.05 U.S. per share, while Bitcoin (CRYPTO: $BTC) is currently trading at $63,897 U.S. per digital token.